Helical has sold 31 Booth Street in Manchester, a seven-floor, 25,000 sq ft office, to the Property Income Trust for Charities, a fund managed by Mayfair Capital.

The deal at £11.925m or £479/sq ft reflects a net initial yield of 5% and a 20.5% premium ot book value.

Helical first acquired the building in January 2016 for an undisclosed sum and spent in the region of £2.3m on a major refurbishment of the grade two-listed property. OMI was the architect for the refurbishment.

Occupiers at the building include global travel management firm The Appointment Group, which has 5,600 sq ft on the fifth and sixth floors. Around 3,000 sq ft of leisure space on the ground floor is currently occupied by Novalife Spa.

Will Parry, asset management executive at Helical, said: “This disposal demonstrates our ability to successfully reposition assets by leveraging our local market expertise. The capital will be recycled into new opportunities.”

Mayfair Capital dnvestment director, Phil Sturdy, added: “This acquisition is aligned to our thematic investment strategy of acquiring Grade A office space in strong strategic locations. 31 Booth Street is particularly well placed for future income growth with a low passing rent and numerous lease events in the next three to five years.”